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20121224
20121224
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out in the world though it is hard to find in washington these days. president obama spending holidays in beautiful hawaii where reports now surfaced where he is looking to strike a smaller fiscal deal that would extend tax cuts for the middle class but not tackling any spending cuts. chief white house correspondent ed henry is live in honolulu with more. ed, for the first time, people like joe lieberman are saying i really think we'll go over the cliff. what do you hear? >> reporter: it's a real possibility, you're right. we're a week out. people on both sides have been talking this thing to death. it might need a christmas miracle at this point to avoid going off the cliff. the president scaled back plan basically would extend unemmoment benefits for two million people who will lose them a week after christmas if there is no deal. he also wants to extend tax cuts for 98% of americans. you heard him talk about that again and again. that level of $250,000 or less. the republicans have not afreed to that on the hill obviously. when you talk to folks like senator lindsey graham, they say
like a pro. >> well, we've already talked a lot the about it this morning. president obama can't raise enough money through his tax plans to cover all the spending. that means he could resume other ways for the revenue to come in. will a carbon tax be among them? joining us now from the american action forum, sam, we know the president wants this thing. he tried desperately, even with democrats holding both houses of congress, however, he couldn't get it. will he try to pursue it in his first year of the second term? >> well, there's certainly a lot of revenue out there. a lot of projections are, if carbon is at $20 per ton of carbon, it could generate roughly a trillion dollars over the next ten years, of course, that figure of $20 would increase, but i think it's pretty tough for republicans to swallow another trillion dollars in revenue from a carbon tax, so i don't think it's very likely to get 60 votes in the senate or for speaker boehner from ohio which is a big coal producing area, which would be hit the hardest by a carbon tax, i don't think it's likely he would bring that up f
2008 to 2012, meaning more of that nearly $1 billion of campaign spending by outside groups comes from donors who do not need to disclose their name. reporting for first business news, i'm paul eggers. moments after president obama was declared the victor, the money struggle in washington stole the spotlight as lawmakers debated over how to avert the fiscal cliff. mother nature took a toll on several parts of the country this year. superstorm sandy ripped through the northeast in late october, leaving a trail of damage along the way. the storm racked up damage of around $60 billion, making it the second most expensive storm ever for the u.s., following hurricane katrina. the storm destroyed houses and businesses on the east coast, leaving millions without power. just months earlier, crop prices shot up following a massive drought that hit the midwest and some northern states. weeks without rain sent corn and soybean prices sky-high. it was estimated that the drought was the worst in nearly a quarter of a century. 2012 was not without its controvesies. trading scandals rocked the news,
of obama? >> i can't even imagine thinking about what would happen to the supreme court if a republican were the president. you know? i mean, citizens united is a horrible thing people can spend and waste this amount of money on elections? think of the people that could benefit from that money. >> there have been two elections since i have been in america. two elections where one party has had far more financial firepower. one was with meg whitman and one was with romney. the most money lost. what does that tell you? >> the people are getting smarter. they're going, i don't like this amount of money spent on this election. there should be a given -- campaign finance reform is very important. i hope somebody does something about it. you should have a given amount, equal amount, equal air time. that's it. you know? that idea of corporations being people, no, no. this is a country of, by and for the people. not of, by and for the corporation. you know? it's like because i'm so against gmos, the modified food and i'm so against lobbying, you know, like chemical companies lobbying and propos
not support any tax increase, not a million, not over a million and we don't have enough spending cuts. >> why did he pull out? what was the most mortem on pulling out? >> i think he thought obama wasn't close enough. it's a couple hundred billion in revenues -- i mean in spending cuts that the president wanted and boehner said i can't believe that. neighbor he couldn't have pulled out because of the same guys that killed plan "b." >> shorter-term it looks like the republicans would feel that brunt politically of us going over the cliff. longer-term if you get into next year and you still have troubles and the economy is still weak, isn't the president taking a big chance here? i mean, do you get any sense that they're overplaying their hand because they won re-election? >> i agree with that. i think they are overplaying their hand a little bit. i think that the president doesn't want to have a second term overshadowed by a recession. which is actually an opportunity to get a few things done, completely over taken by this cliff. he does actually want a deal. i'm not sure he wants to go -- >> i
in debt, and basically wants to save a trillion dollars over ten years when he's spending a trillion dollars of money we don't have a year. gregg: you know what, dick? president obama campaigned on the idea of 800 billion in new revenue, and when he won re-election, he suddenly said i'm going to double it. i'm demanding now $1.6 trillion in new revenue. i mean, how do you negotiate with a guy who keeps changing his proposal? >> well, what's interesting is that speaker boehner would have, his proposal would have generated $800 billion in new revenue, and he couldn't get republicans of his own party to go along with it. you've got to pass something to begin a process of the give and take. and -- gregg: dick, you're dodging my question. >> that's democrats' problem, they've got to pass a bill. gregg: he said i want 800 billion in new revenue, and the immediately after the election boehner goes to him and says here it is, and he said, no, no, no, now i want 1.6 trillion. come on, dick. >> well, i mean, i think it's important to understand that this president won a huge victory based on r
looks like. the one on the table is still the old plan a. president obama's offer to raise taxes on the top 2%, restore the bush era tax cuts for the rest of us. yes there is talk about putting in spending cuts, raising medicare eligibility and changing the inflation measure for social security but that is still the one on the table. then there is the alternatives. the house passing that existing senate bill that's out there that would raise taxes on the top 2%. that doesn't include sequestration though. sequestration could happen so they have to either let it happen or insert some kind of stop-gap in there. the other one of course is just literally to extend everything for another month. extend all the cuts to the end of january and simply delay sequestration and of course that is the least desirable but that may be in fact the one that happens right now. let's move on and show you the market is still not very worried about it. the five-month high on an intraday basis on friday but still staying within that trading range that has been in for a while now. not really busting out a
Search Results 0 to 6 of about 7